U.S. INDICES TECHNICAL HIGHLIGHTS:
S&P 500 rolling over towards old high, support.
Dow Jones about to test the 200-day moving average.
Dow Jones weaker, may test prior summer record high.
DOW JONES TO TEST 200-DAY MOVING AVERAGE: US INDICES TECHNICAL OUTLOOK
The S&P 500 is declining towards the prior record high notched in September at 4545. This will be an interesting test as there have been other times (highlighted in blue) where the market declined t
GBP/USD PRICE, CHART, AND ANALYSIS
Fed chair Jerome Powell rattled GBP/USD lower on Tuesday.
A pattern of lower highs and lower lows remains in place.
Keep up to date with all market-moving data releases and events by using the DailyFX Calendar
Fed chair Jerome Powell’s hawkish commentary on Tuesday sent GBP/USD tumbling below 1.3200 in a matter of minutes before buyers re-entered the market and negated the selling pressure. Chair Powell said that the Fed would aba
S&P 500, NASDAQ 100, DOW, COVID AND DOLLAR TALKING POINTS:
The S&P 500 has carved out an aggressive head-and-shoulders reversal pattern, but is this artificially shaped by month-end activity?
Fed Chairman Powell is warning the markets that the FOMC may very well accelerate its tightening time table in two weeks.
As we wade through capital flows, monetary policy speculation and growth updates; I remain concerned about the ‘signal’ from the Dow.
RISK AV
Australia's Reserve Bank is continuing with quantitative easing and rock-bottom interest rates, while New Zealand is tightening up fiscal policy. With house prices skyrocketing in both countries, what could happen to AUD/NZD?
Source: Bloomberg
Forex Inflation Australian dollar Australi
EUR/GBP PRICE, NEWS AND ANALYSIS:
EUR/GBP will likely slip back after its rally over the past few days as the Euro was boosted by concerns about the Omicron variant of Covid-19 and whether existing vaccines will be effective against it.
Meanwhile, a reshuffle of the UK Labour Party’s shadow Cabinet should have little impact on GBP even though opinion polls show Labour neck-and-neck with the ruling Conservatives.
EUR/GBP RALLY AT RISK AS OMICRON FEARS RECEDE
The strong
CRUDE OIL, WTI, AUD/USD, CHINA PMI, MSCI, NIKKEI 225 - TALKING POINTS:
Crude oil prices tanked as risk-off sentiment resumed in Asia today.
APAC equities were doing ok until a report questioned the efficacy of vaccines.
OPEC+ could be a non-event on Thursday now. Will crude continue lower?
WTI crude oil went toward US$ 67 a barrel in the afternoon session after the Financial Times (FT) reported the CEO of Moderna saying that vaccines are likely to struggle to protec
S&P 500, NASDAQ 100, DOW, COVID AND DOLLAR TALKING POINTS
The S&P 500 led ‘risk assets’ on a broad slump in sentiment this past Friday which found fundamental blame in news of the Omicron Covid variant
Markets made a bid to recovery this past session, but the Dow and the DAX didn’t seem to muster the same enthusiasm as speculative favorites like the SPX and Nasdaq
A full recovery in risk trends is almost assumed given seasonal conditions and post-Covid momentum, but t
Powell’s reaction could bring renewed volatility for the dollar which has lost ground on a potential shift in Fed outlook.
Source: Bloomberg
Joshua Mahony | Senior Market Analyst, London | Publication date: Monday 29 November 2021
The Ocado share price has risen 6% since Friday, as news of the Omicron variant caused the FTSE 100 to fall nearly 4%. Ocado shareholders could see their investment surge if lockdowns are reintroduced.
Source: Bloomberg
Indices Shares Ocado Group Marks & Spencer Revenue Investor
RAND ANALYSIS:
Rand market frenzy fades as market mulls over new variant.
Commodities revised lower as uncertainty emerges.
Bearish harami suggests short-term USD/ZAR downside correction.
ZAR FUNDAMENTAL BACKDROP
RAND IS NOW ONE OF THE WORST PERFORMING CURRENCIES AGAINST THE GREENBACK
The South African rand may have been the worst affected Emerging Market (EM) currency as a result of the new COVID-19 strain known as Omicron. Inaccurate news
RAND (USD/ZAR) ANALYSIS:
UK place SA on its red list in attempt to curb the spread of a new coronavirus variant.
World Health Organization set to meet to discuss studies of the variant and assess severity.
USD/ZAR perfect storm: Dollar finds safe-haven appeal, Ems on backfoot, variant detected in South Africa.
NEW COVID VARIANT WITH HIGH NUMBER OF MUTATIONS HAS THE MARKET ON EDGE
South African scientists announced on Thursday the detection of a new coronavirus
European stock markets are expected to open sharply lower Friday on concerns a new Covid variant will prompt fresh mobility restrictions, hindering the region’s economic recovery.
At 2:05 AM ET (0705 GMT), the DAX futures contract in Germany traded 2.3% lower, CAC 40 futures in France dropped 2.6% and the FTSE 100 futures contract in the U.K. fell 2.3%.
Virus cases have soared in Europe in the last month, with a number of countries introducing stricter Covid measures. But a degr
CRUDE OIL, US DOLLAR, OPEC+, AUD, NZD, USD/JPY, USD/CHF - TALKING POINTS:
Crude oil prices slipped as USD strengthened amid a bout of risk off.
APAC equities moved lower with Japanese equities leading the way.
Energy commodities maintain elevated volatility. Where to for WTI crude?
Crude oil fell over 3% with the WTI futures contract trading below US$ 76.00 from a close in New York of US$ 78.39. The OPEC+ meeting this Thursday will meet to discuss levels of output.
Please see the expected dividend adjustment figures for a number of our major indices for the week commencing 29th November 2021. These are projected dividends and likely to change. IG cannot be held responsible for any changes made.
Dividends highlighted in red include a special dividend, therefore some or all of the amount will not be adjusted. Amount in brackets is the expected adjustment after special dividends excluded (where shown on major indices). Dividend adjustments due to be posted
The Lucid share price hit a high of $55 last Friday, after reporting encouraging Q3 results. Its first car, the Lucid Air, just won ‘MotorTrend Car of the Year,’ and production is starting to ramp up.
Source: Bloomberg
Shares Car Electric vehicle Tesla, Inc. Rivian Investor
Trading hours over the US Thanksgiving period
There’ll be some changes to our normal opening hours over the US Thanksgiving period. Check the table below to find out how they could impact your trading. Note that all times listed below are UK time.
These hours are accurate to the best of our knowledge, but it’s possible that they could change.
BRENT CRUDE OIL ANALYSIS:
Oil price U-turn: Oil prices trading back at the same levels before the SPR rumors and subsequent confirmation.
OPEC + Response unclear ahead of the December 2nd meeting.
IG Client Sentiment suggests ‘wait and see’ approach ahead of the OPEC meeting.
OIL PRICE TURNAROUND: A POSSIBLE CASE OF ‘SELL THE RUMOR BUY THE FACT’?
Much has been said in 2020 about a ‘V-shaped’ recovery when referring to the bounce back in the economy but it looks like
In this article we review hawkish FOMC meeting minutes and stronger US data and assess where the dollar could be heading next.
Source: Bloomberg
Shaun Murison | Senior Market Analyst, Johannesburg | Publication date: Thursday 25 November 2021
GBP PRICE, NEWS AND ANALYSIS:
GBP/USD continues to look weak as a strong US Dollar outperforms most other currencies.
However, trendline support and the 1.33 level could at least delay further losses.
GBP/USD TO TEST SUPPORT
GBP/USD has hit its lowest level since just before Christmas last year and there are few signs yet that its slide against a rampant US Dollar is over. However, there is a chance now that its decline could be halted, perhaps only briefly, by
CRUDE OIL, OPEC+, US DOLLAR, FOMC, USD/JPY, EUR/USD - TALKING POINTS:
WTI crude prices settle in as competing interests voice their views.
US Dollar strengthens in the aftermath of data and FOMC minutes.
Price action could get skittish with holiday liquidity. Can oil reignite?
Crude oil steadied overnight after jawboning from both producers and consumers hit the wires. An advisory panel to OPEC+ (The Economic Commission Board) said that extra supply from va
GBP PRICE, NEWS AND ANALYSIS:
GBP/USD looks to be stabilizing after its losses over the past few sessions caused principally by US Dollar strength.
So far, the pair has largely ignored setbacks for UK Prime Minister Boris Johnson but there’s a risk that it could suffer further if the pressures on him continue to grow.
GBP STEADIES BUT FURTHER LOSSES POSSIBLE
GBP/USD looks to be stabilizing after the slide that has taken it from a recent high at 1.3518 recor
CRUDE OIL OUTLOOK:
Crude oil price up as world powers underwhelm with reserves release plan.
US PCE inflation, FOMC meeting minutes eyed for Fed policy outlook cues.
Rebound fails to overcome past resistance, keeping focus on the downside.
Crude oil prices mounted a spirited recovery, with the WTI benchmark clocking in the largest one-day rise in two weeks. This was after the announcement of a plan by the US, China, Japan, India, the UK and South Korea to
A coordinated release of strategic oil reserves has done little to help drive down crude oil prices, with energy instead looking to break out from its recent bearish phase.
Source: Bloomberg
Joshua Mahony | Senior Market Analyst, London | Publication date: Tuesday 23 November 2021
The Royal Mail share price is rising fast after delivering strong results last week. It's returning £400 million to investors in dividends and share buybacks. And with vastly improved infrastructure, it could rise further.
Source: Bloomberg
Shares Royal Mail Mail Share repurchase Cash